Business ethics presentation peter greenham iigi
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Transparency, trust, confidence and comparability are emerging as key themes in the new economic climate. There is a growing 'body of evidence' which underpins the business case for responsible ...
Transparency, trust, confidence and comparability are emerging as key themes in the new economic climate. There is a growing 'body of evidence' which underpins the business case for responsible business practice.
A coherent ‘CSR’ strategy, based on integrity, sound values and a long-term approach can offer clear business benefits. These cover a better alignment of corporate goals with those of society; maintaining the company's reputation; securing its continued license to operate; and reducing its exposure to liabilities, risks and associated costs. Björn Stigson, President, World Business Council for Sustainable Development (WBCSD) www.wbcsd.org
The business case relies on genuine intention and a well informed course of action. An approach which sees only business advantage and fails to engage in the underlying ethical purpose will be unlikely to reap the full benefits of responsible business practice … and more likely to fail when challenges emerge, such as the global financial crisis, where risk is pitched against opportunity.
There are eight broad clusters of recognised business benefits for companies that engage in the responsible business practice ‘journey’:
Reputation management and competitive advantage: including enhanced reputation with customers, market differentiation, building brand, goodwill and public trust – creating access to new markets
Enhanced social license to operate - stronger relationships with communities
Employee satisfaction - improved management performance, productivity and capacity to attract, retain and motivate talented staff. Increased learning, innovation and productivity. Reduced hiring and retention costs
Risk management - long-term security
Access to capital - improved relations with the investment community and better access to capital
Financial performance - stronger financial performance and profitability through operational efficiency gains
Minimised environmental impacts - cost savings and creation of business efficiencies
Long-term perspective - benefits from operating with a perspective broader and longer than immediate, short-term profits
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